Since 2019, the vast majority of VAT-registered businesses with a taxable turnover above the VAT threshold (£85,000) have been mandated to keep digital VAT records and send returns using Making Tax Digital (MTD)-compatible software.
From April 2022 these requirements will apply to all VAT-registered businesses.
It has also been announced that MTD for Income Tax Self-Assessment (ITSA), which was originally intended to start in 2018, will finally be introduced from April 2023 for unincorporated businesses and landlords with total business or property income above £10,000 per year.
Most businesses will have 2 years to prepare and test the service voluntarily prior to its introduction.
How can we help?
Growing businesses often don’t have the time or resource to set up a full accounting function within the business. That’s why, at BM Connect, a Beavis Morgan group business, offers integrated, flexible and affordable outsourced bookkeeping, accounting and payroll solutions.
Our advanced tech-enabled outsourced services, giving you real-time visibility into your business and delivering value cost-effectively and efficiently.
In turn, if you have any concerns regarding your tax return or other related matters, our experts at Beavis Morgan are available to assist. We take the hassle of dealing with HMRC away from you, so you don’t need to deal directly with them.
Contact Mariske Byrnes or your usual BM Connect adviser for further information and assistance.